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Oil Futures Pare Gains in New York to Trade at $99.61 a Barrel

Jan. 24 (Bloomberg) -- Oil fluctuated in New York, failing to extend yesterday’s gain, as speculation U.S. supplies rose last week countered concern Iran will respond to a European ban on its crude exports by shutting the Strait of Hormuz.

Crude for March delivery was little changed at $99.61 a barrel in electronic trading on the New York Mercantile Exchange at 12:37 p.m. in Sydney. The contract earlier rose as much as 40 cents to $99.98. Futures yesterday rose $1.25 to $99.58, the highest since Jan. 19.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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